"Google has been hugely innovative in the last year with Google Glass, investments in artificial intelligence and a multitude of partnerships that see its Android operating system becoming embedded in other goods such as cars," Millward Brown Optimor managing director Nick Cooper said in a statement.

Apple was knocked from the top after a three-year reign, after its brand's value fell 20 percent to $148 billion. The report said a perception that the Silicon Valley giant no longer redefines technology for its customers, as evidenced by a lack of new product launches, was behind the dip.

Still, the fact Google and Apple took first and second place reflects technology brands' growing dominance.

The "Squawk on the Street" news team discuss Google's plans to spend billions on global acquisitions.

The top 100 had a combined value of $2.9 trillion, increasing by 49 percent since 2008. The resurgence is a reflection of global growth that followed the end of the 2007 financial crisis.

"This year's index highlights the end of the recession, with a strong recovery in valuations and, for the first time, real growth across every category and the Top 100 as a whole," David Roth, CEO of The Store, WPP said in a statement.

Continental Europe saw the biggest increase in brand value, and its top 10 valuable brands soared 19 percent. The increase was a reflection of improved outlook for a number of euro zone countries, which had previously been crunched during the region's debt crisis.

Asia's banks saw their brand values decline, reflecting concerns over China's economy. However, this was offset by the impressive growth of two Chinese technology brands, social network and Internet portal Tencent and search engine Baidu.

Latin America slipped further after suffering a 13 percent decline a year ago. Two Brazillian brands—oil and gas company Petrobas and personal care company Natura—saw steep declines.